Want this question answered?
establishment of responsibility segregation of duties documentation procedures physical, mechanical, and electronic controls independent internal verfication
An organization establishes a system of internal control to help it manage many of the risks it faces, such risks are classified as follows:- * Inherent Risk * Control Risk * Detection Risk Establishing an internal control is the responsibility of the management, the elements (components) of internal control framework are the following:- * Control environment * Risk Assessment * Control Activities * Information & Communication * Monitoring
The board of directors and its audit committee have responsibility for making sure the internal control system within the organization is adequate
establish responsibilities, maintain adequate records, insure assets and bond key employees, separate recordkeeping from custody of assets, divide responsibility for related transactions, apply technological controls, perform regular and independent reviews
Distinguish between internal audit and internal control.
establishment of responsibility segregation of duties documentation procedures physical, mechanical, and electronic controls independent internal verfication
It is when you take responsibility for someone else's property.Let's say you work in a business and a package is being delivered for someone in the office but you sign for the package, then you are taking that responsibility of getting that package to the right person it is intended for.
Omb a-123
An organization establishes a system of internal control to help it manage many of the risks it faces, such risks are classified as follows:- * Inherent Risk * Control Risk * Detection Risk Establishing an internal control is the responsibility of the management, the elements (components) of internal control framework are the following:- * Control environment * Risk Assessment * Control Activities * Information & Communication * Monitoring
The board of directors and its audit committee have responsibility for making sure the internal control system within the organization is adequate
establish responsibilities, maintain adequate records, insure assets and bond key employees, separate recordkeeping from custody of assets, divide responsibility for related transactions, apply technological controls, perform regular and independent reviews
Individuals who accept personal responsibility for their life outcomes may be described as having accountability, self-reliance, independence, or autonomy.
An organization establishes a system of internal control to help it manage many of the risks it faces, such risks are classified as follows:- * Inherent Risk * Control Risk * Detection Risk Establishing an internal control is the responsibility of the management, the elements (components) of internal control framework are the following:- * Control environment * Risk Assessment * Control Activities * Information & Communication * Monitoring
top management at a publicly owned organization will include in the organization's annual financial report to the shareholders a statement indicating that management has established a system of internal control
pnuematic and control principles
pnuematic and control principles
Distinguish between internal audit and internal control.